|Karachi May 7, 2015. : BankIslami is pleased to announce that KASB Bank Limited stands merged into it. As a result, all branches of formerly KASB Bank Limited will open as branches of BankIslami Pakistan Limited on Friday May 08 and all customers of formerly KASB Bank Limited shall be customers of BankIslami. They are free to operate their account without any restriction whatsoever. The business of formerly KASB Bank will be converted into Islamic modes of financing, under the guidance of the Sharia’h Board of BIPL, chaired by Mufti Irshad Ahmed Ijaz within an agreed time frame.
Starting as the smallest Bank in 2006, BankIslami is now the 11th largest banking net work in the country with 317 branches in 93 cities nation wide. The Equity of the Bank as on April 30, 2015 was Rs. 9.95B, which is expected to increase to Rs. 11.40 billion following completion of the rights offering by mid May. The Capital Adequacy Ratio of the Bank was 23% as against prescribed 10% by State Bank of Pakistan.
Currently, BankIslami is operating with 213 branches and sub branches in 80 cities. With the merger of KASB Bank, BankIslami’s branch network will reach 317 branches in 93 cities nationwide. In terms of branch network, BankIslami has now become the 11th largest banking net work in the country with more than 600,000 customers.
To facilitate the customers of formerly KASB Bank Limited, all branches of the Bank shall remain open till 7.00 p.m. on Friday May 08, 2015 and will follow regular business hours thereafter. BankIslam would like to assure all depositors that they can withdraw their money without any hassle and restriction whatsoever and look forward to their continued patronage.